Updated September 29, 2026 · VaultCue Editorial Team
Monese vs Monzo
Monzo
Higher score in this comparison
Monese
Monese vs Monzo: the differences
| Compare | MoneseReviewSee alternativesSee alternatives | MonzoReviewVisitVisit |
|---|---|---|
| Currencies | 3 | 38Higher |
| Free ATM withdrawals | £0 | £200Higher |
| Transfer fee | GBP 1.29 per outgoing domestic transfer; real-time Monese-to-Monese transfers free | 0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80% |
| Currency conversion fee | 3% | Not confirmed |
| Local account details | IBAN, UK sort code | Not confirmed |
Same on both: Monthly fee (£0), Deposit protection (FSCS up to GBP 85,000).
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Key differences
- Monzo scores higher overall: 8.9 vs 8.7.
- Monese is licensed in 2 more countries.
- Monese is available in 30 more countries.
- Currencies is higher at Monzo: 38 vs 3.
- Free ATM withdrawals is higher at Monzo: £200 vs £0.
- Support channels: only Monese offers Chat, Email.
- Audience: only Monese offers Expats, Travelers, Freelancer.
- Audience: only Monzo offers Business, Teen.
- Pricing model: only Monese offers Low FX.
- Features: only Monese offers Digital only, No credit check.
Our verdict on each
Monese
Monese suits expats, frequent travellers and freelancers who want a digital everyday account with nothing to pay each month. Costs stay low with a monthly fee of £0, while the limits on 3 currencies and a 3% conversion charge keep it simple rather than cheap for heavy currency use.
Monzo
Monzo suits UK residents who want a fee-free current account, a linked instant-access savings pot and card spending abroad without a markup. The current account runs a monthly fee of £0, savings pay 2.75% to 3.5% variable, and deposits are covered by the FSCS: FSCS up to GBP 85,000.
Score breakdown
| Area | Monese | Monzo |
|---|---|---|
| Cost | 8.7A monthly fee of £0 and a £20 charge on outgoing domestic transfers, against a 3% conversion fee. | 9.3HigherCurrent account monthly fee of £0 and a 0% exchange rate markup on foreign-currency card spend. |
| Offer | 9.1Local details in iban and uk sort code formats, Instant transfers and a 3 currency account for expats, travelers and freelancer. | 9.2HigherInstant-access savings paying 2.75% to 3.5% variable, instant withdrawals, a joint account, 38 currencies and a free cash machine allowance. |
| Trust | 8.4 | 8.4 |
How they place
| Ranking | Monese | Monzo |
|---|---|---|
| Business bank accounts | 227 of 563 | 17 of 563 |
| Money transfer services | 395 of 1564 | 15 of 1564 |
Every fact side by side
| Fact | Monese | Monzo |
|---|---|---|
| Audience | Expats, Travelers, Freelancer | Business, Teen |
| Pricing model | No monthly fee, Low FXCovers more | No monthly fee |
| Features | Joint account, Digital only, No credit checkCovers more | Joint account |
| Legal entity | Monese Ltd | Monzo Bank Limited |
| Headquarters | United Kingdom | United Kingdom |
| Founded | 2015 | 2015 |
| Support channels | Chat, Email, Help centreCovers more | Help centre |
Money transfer
| Fact | Monese | Monzo |
|---|---|---|
| Exchange rate markup | 2% | 0%Lower |
| Delivery time | Instant | Same day for 95% of customers, average 1 day |
| Payout methods | Bank, Wallet | Bank, Card |
| Fee to send 1,000 | £20 | £0 to £9Lower |
Savings
| Fact | Monese | Monzo |
|---|---|---|
| Headline rate | Not confirmed | 2.75% to 3.5% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | £0 |
| Access terms | Not confirmed | Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+ |
| Account kind | Not confirmed | Easy access |
Where each stands against the rest
| Fact | Monese | Monzo | Median |
|---|---|---|---|
| Monthly fee | £0at the median | £0at the median | £0 |
| Currency conversion fee | 3%highest quarter | Not confirmed | 0.5% |
| Currencies | 3below the median | 38highest quarter | 5 |
| Free ATM withdrawals | £0at the median | £200above the median | £0 |
Median across 536 listed accounts.
Pros and cons
Monese
Pros
- Personal accounts carry a monthly fee of £0
- Outgoing domestic transfers cost £20 and transfers between Monese accounts are free
- Transfers land in Instant
Cons
- Converting money costs 3% on top of a 2% exchange rate margin
- A fee of £20 applies to outgoing domestic transfers
- Support runs on chat, email and help centre only, with no phone line listed
Monzo
Pros
- No monthly fee on the current account: £0
- No exchange rate markup on foreign-currency card spend: 0%
- Savings pay a variable rate of 2.75% to 3.5% with instant withdrawals and interest paid monthly
Cons
- Support runs on help centre only
- Savings need a Monzo current account first, and the pot sits in an easy access product
- International transfers charge £0 to £9 plus a percentage, unlike UK transfers and foreign-currency card spend, which cost nothing
Who each suits
Monese
Who it suits
- Expats and freelancers who send money across borders and are paid in expats, travelers and freelancer setups
- Travellers who want local account details in iban and uk sort code formats
- Anyone who wants a joint account opened with no credit check, since the account is digital only
Who should look elsewhere
- Skrill if you need a much wider range of currencies than 3
- PayPal Colombia if you want a wallet for online payments rather than local account details
- Plazo ES if you would rather reach support by phone than on chat, email and help centre
Monzo
Who it suits
- UK adults and teens who want everyday spending with no monthly cost
- Savers who want instant access to their money without a notice period
- Travellers who spend abroad often, given the 0% markup and 38 currencies
Who should look elsewhere
- Anyone chasing a fixed-term rate, since the savings rate is variable and money comes out instantly
- People who want phone or email help, because support runs on help centre only
- Shoppers who only need a wallet for online payments can look at PayPal Colombia instead, where the monthly fee is $0
Current offers
Monese
Current offer
Bonus
Free contactless debit card with a GBP 100 first deposit: Card delivery free (otherwise GBP 4.95) with a GBP 100 first deposit
First physical contactless Monese debit card; otherwise GBP 4.95 delivery fee; available on all plans
Source, checked September 26, 2026
Monzo
Current offer
Free trial
3 month free trial of YouTube Premium Lite included with the Max plan: 3 months free YouTube Premium Lite
Max plan subscribers, aged 18-69, 3 month minimum term, UK residents, Ts&Cs apply
Source, checked September 26, 2026
Country by country
| Country | Monese | Monzo |
|---|---|---|
| Austria | Yes | No |
| Belgium | Yes | No |
| Bulgaria | Yes | No |
| Croatia | Yes | No |
| Cyprus | Yes | No |
| Czechia | Yes | No |
| Denmark | Yes | No |
| Estonia | Yes | No |
8 of 31 countries where either is available.
Questions about each
Monese
Does Monese charge a monthly fee?+
The personal account carries a monthly fee of £0, which is the cheapest end of the accounts compared here. Plazo ES and Skrill also sit on €0 and €0, so you can compare like for like. Nothing is deducted from the balance each month for keeping the account open.
What does it cost to send money out?+
Each outgoing domestic transfer costs £20. Real time transfers from one Monese account to another are free, and the money arrives in Instant. For sending abroad, the cost comes from the 3% conversion charge rather than a transfer fee.
Monzo
What does Monzo charge each month?+
The current account has a monthly fee of £0, and the pricing model it runs on is no monthly fee. The savings side carries no monthly charge either, with a minimum deposit of £0. The legal entity behind both is Monzo Bank Limited.
Is my money protected?+
Deposits are covered by the FSCS: FSCS up to GBP 85,000. In the UK the account is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, so it is a bank rather than an e-money wallet. The legal entity is Monzo Bank Limited, based in the United Kingdom.
Other options to compare
Other matchups
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Monzo
Monese